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Supporting start-ups and microfinance institutions in West Africa
Project
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Signature date
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Location
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Senegal, Multi-country Africa
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Financing tool
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Financing amount (Euro)
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400000
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Financing details
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EUR 400,000 loan
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Customer
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Prime Numbers SRL
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Type of customer
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Company
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Country of headquarters
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Belgium
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Project number
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PZZ1717
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is supporting Rubyx via the Bridge Fund by Digital Africa. The objective is to enable Rubyx to continue its development and strengthen its cash flow position.
Client presentation
Rubyx is a start-up specialized in algorithmic credit scoring set up by microfinance experts in 2019. Rubyx helps microfinance institutions and start-ups in West Africa seeking to offer payment facilities enhance their client scoring and offer their clients loans tailored to their need and repayment capacity.
Rubyx also offers other end-to-end lending services (“Lending as a Service”).
Project description
Proparco has supported Rubyx with EUR 400,000 of Bridge Fund by Digital Africa financing, alongside Saviu Venture. This loan will enable Rubyx to finance the implementation of pilot contracts and also strengthen its cash flow position.
Rubyx strengthens the financial stability of microfinance institutions and start-ups offering all sorts of loans (discovery, buy now, pay later, etc.). Indeed, through the credit scoring by Rubyx, loan offers are more suitable and more geared to the credit risk of the final beneficiary. This improves the quality of the portfolio of loans allocated via Rubyx, enabling these institutions to improve their risk management and deploy more financing.
Project impact
The Bridge Fund by Digital Africa is an acceleration and growth tool for start-ups and a solution in response to the increased financing difficulties related to the Covid-19 crisis.